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Imperial to have answer on unbundling ‘by this time next year’

By: Irma Venter     22nd August 2017 In a quest for shareholder value, work is in progress to determine the viability and benefits to Imperial shareholders of listing Imperial Logistics and Motus separately, says Imperial CEO Mark Lamberti. Speaking at the announcement of the JSE-listed group’s financial results for the year ended... 

Imperial to have answer on unbundling ‘by this time next year’
Mark Lamberti

Group Five CEO prioritising culture of accountability after dismal 2017 performance

By: Terence Creamer     22nd August 2017 Group Five CEO Themba Mosai has moved to assure shareholders that the new leadership at the embattled construction company is prioritising “accountability and consequence management” in light of a dismal 2017 performance, which saw the JSE-listed company report financial results that were far... 

Group Five CEO prioritising culture of accountability after dismal 2017 performance
Group Five CEO Themba Mosai

M&R buys further 17% stake in Bombela Concession Company for R405m

By: Creamer Media Reporter      22nd August 2017 JSE-listed Murray & Roberts (M&R) will acquire a further 17% interest in the Bombela Concession Company (BCC) for R405-million, taking its overall stake in BCC to 50%. BCC was established to manage the design, partial financing, delivery, operation and maintenance of the Gautrain rapid rail link,... 

M&R buys further 17% stake in Bombela Concession Company for R405m

Altron sets sights on new era with new five-year strategy

By: Natasha Odendaal     22nd August 2017 With the completion of a strategy review and a successful consolidation and realignment of the business, telecommunications and information technology giant Allied Technology (Altron) CEO Mteto Nyati has set his sights on shaking up the JSE-listed firm to unlock a “new era” of growth and... 

Altron sets sights on new era with new five-year strategy
Altron CEO Mteto Nyati

ConCourt ruling opens way for Nersa to process further clawback claims – Eskom

By: Terence Creamer     22nd August 2017 The Constitutional Court has refused an application by several Eastern Cape businesses for leave to appeal a Supreme Court of Appeal (SCA) ruling relating to implementation of the Regulatory Clearing Account (RCA) mechanism in South Africa’s multiyear price determination (MYPD) electricity... 

ConCourt ruling opens way for Nersa to process further clawback claims – Eskom

Mokonyane blames municipalities' R7bn debt for her dept's financial woes

By: News24Wire      22nd August 2017 Water and Sanitation Minister Nomvula Mokonyane had laid the blame for her department's ailing finances on ill-equipped municipalities who could not implement their projects. Mokonyane on Tuesday appeared before the standing committee on public accounts (Scopa) to account for R2.5-billion in... 

Zuma signs Financial Sector Regulation Act into law

By: African News Agency      22nd August 2017 President Jacob Zuma signed the Financial Sector Regulation Act, 2017 into law, the Presidency said on Monday. “The Act establishes two new financial sector regulators, the Financial Sector Conduct Authority and the Prudential Authority with jurisdiction over all financial institutions, and to... 

Tribunal conditionally approves Italtile’s acquisition of CIL

By: Creamer Media Reporter      22nd August 2017 The Competition Tribunal has conditionally approved JSE-listed Italtile’s proposed acquisition of Ceramic Industries (CIL) and Ezee Tile Adhesive Manufacturers. Italtile in April 2016 made an offer to acquire the remaining 73.5% interest in CIL it does not already own for R3.75-billion in cash... 

Unions to sign wage agreement in the engineering sector

By: Reuters     22nd August 2017 Two major unions said on Tuesday they will sign a new wage agreement in the engineering sector, quelling fears of an industry strike. Trade union Solidarity and the National Union of Metalworkers of South Africa (Numsa) said they will sign a three-year wage agreement with the Steel and... 

Unions to sign wage agreement in the engineering sector

New Isuzu SA business to be headed by GMSA CFO, Michael Sacke

By: Irma Venter     22nd August 2017 Isuzu Motors South Africa (IMSAf) on Tuesday announced a number of leadership appointments in support of the purchase of all Isuzu-related assets from General Motors South Africa (GMSA), effective January next year. Haruyasu Tanishige, in addition to his current role of senior executive officer... 

New Isuzu SA business to be headed by GMSA CFO, Michael Sacke
Michael Sacke

Armstrong to head WBS Chair in Digital Business

By: Natasha Odendaal     22nd August 2017 Professor Brian Armstrong has been selected to head up the University of the Witwatersrand (Wits) Business School’s (WBS’s) Chair in Digital Business. The former Telkom chief commercial officer, who described himself as "a business scientist and a scientific businessperson", envisages a fully... 

UJ unveils new College of Business and Economics

By: Natasha Odendaal     22nd August 2017 The University of Johannesburg (UJ) this week launched its College of Business and Economics (CBE). The college, incorporating the Johannesburg Business School (JBS), houses six schools focusing on enhancing the profile of management education in Africa. 

Mozambique to set up independent fund to invest mineral sales income

By: Reuters     22nd August 2017 Mozambique's government plans to set up a sovereign investment fund where taxes paid on sales of the country's minerals will be used to finance development projects, State-run AIM news agency said on Monday quoting the finance minister. Minister of Economy and Finance Adriano Maleiane said the... 

Ghana, Equatorial Guinea presidents to sign LNG deal

By: Reuters     22nd August 2017 Ghana's President Nana Akufo-Addo plans to sign an agreement to import liquefied natural gas (LNG) from Equatorial Guinea during his three-day visit to the Gulf of Guinea petroleum producer due to begin on Monday, his office said. Though an oil and gas producer in its own right since its flagship... 

Vibrant future planned for remaining South African mines – AngloGold 

By: Martin Creamer     22nd August 2017 The removal of loss-making ounces from old mines will result in a vibrant and sustaining future for the remaining long-life operations in AngloGold Ashanti's South African region, which is at the receiving end of $200-million worth of capital expenditure (capex). In outlining this to Creamer... 

AngloGold Ashanti COO Chris Sheppard provides operational update to Mining Weekly’s Martin Creamer. Video: Darlene Creamer. Video Editing: Lionel da Silva

Kibo to hold formal negotiations with potential MCPP investors

By: Creamer Media Reporter      22nd August 2017 Aim- and AltX-listed Kibo Mining will, in the coming weeks, hold formal negotiations with infrastructure investors that have expressed an interest in making an equity investment in the Mbeya coal-to-power project (MCPP), in Tanzania. Kibo, which is headed up by CEO Louis Coetzee, expects to work... 

Ford becomes latest carmaker to launch UK scrappage scheme

By: Reuters     22nd August 2017 Ford on Tuesday became the latest carmaker to launch a car scrappage scheme in Britain, joining the likes of BMW and Mercedes-Benz, after months of procrastination from the government over whether to begin a national programme. The U.S. automaker is offering customers a £2 000 ($2 580) discount... 

Western Cape reiterates need to save water as dam levels reach 31%

By: Anine Kilian     21st August 2017 The average water level for dams across the Western Cape has reached 31% following recent rainfall, compared with a level of 58% at the same time last year. Western Cape Local Government, Environmental Affairs and Development Planning Minister Anton Bredell has cautioned the public about the... 

Tokyo Steel raises product prices for first time in 7 months

By: Reuters     21st August 2017 Tokyo Steel Manufacturing Co , Japan's top electric-arc furnace steelmaker, said on Monday it will raise its product prices in September by up to 5.4% to reflect strong demand at home and abroad as well as higher materials costs. The company will boost prices of 11 products by 2 000 yen to 3 000... 

Gambia presidency says blocks claimed by African Petroleum open for bids

By: Reuters     21st August 2017 African Petroleum's rights to explore in two offshore Gambian oil blocks have expired and are currently "open for licensing", presidential spokeswoman Amie Bojang said on Monday. The Oslo-listed firm's CEO met with President Adama Barrow last month after oil officials in the West African nation... 

Tlou secures mining licence for Lesedi CBM project

By: Anine Kilian     21st August 2017 Aim- and ASX-listed Tlou Energy has been granted a mining licence for its Lesedi coal-bed methane (CBM) gas project, in Botswana. “The mining license for the Lesedi CBM project was the first application of its kind to be lodged in Botswana. The awarding of the licence by the Ministry [of Mineral... 

Infrastructure initiative garners support from nine African presidents

By: Natasha Odendaal     21st August 2017 Spearheaded by South Africa’s President Jacob Zuma, the Presidential Infrastructure Champion Initiative (PICI), aimed at accelerating regional trade and unlocking the economic potential of the continent, now has nine African presidents on board, with ten projects in the spotlight as Africa... 

Infrastructure initiative garners support from nine African presidents

Sasol review may result in sale or closure of assets, but no ‘fire sale’  

By: Terence Creamer     21st August 2017 Chemicals and energy group Sasol has announced that an asset-review process is under way that could result in the sale, closure or growth of certain assets. However, the JSE-listed company has also stressed that there will be no “fire sale”. Joint president and CEO Bongani Nqwababa reports that... 

Sasol joint president and CEO Bongani Nqwababa speaks to Terence Creamer about the group's results, asset review, tax shock and strategic outlook. Camera Work & Editing: Nicholas Boyd & Duane Daws. Recorded: 21.8.2017

Tanzania’s 55% share of mine revenue ‘pretty generous’ – AngloGold  

By: Martin Creamer     21st August 2017 The share of revenues that the government of Tanzania has received from the Geita gold mine is “pretty generous” when compared with what shareholders have received, AngloGold Ashanti CEO Srinivasan Venkatakrishnan said on Monday when the company reported an adjusted headline loss of $93-million,... 

AngloGold Ashanti CEO Srinivasan Venkatakrishnan outlines to Mining Weekly Online’s Martin Creamer the new Tanzanian legal challenges. Video and Video Editing: Darlene Creamer 21.8.2017

Basil Read to swing to H1 loss

By: Anine Kilian     21st August 2017 JSE-listed Basil Read expects to report a headline loss a share of between 290c and 300c for the six months ended June 30, compared with headline earnings a share of 48.92c in the first half of 2016. It further expects to report a basic loss a share of between 359c and 365c for the six months... 

SEZ board members undertake study tour to China

By: Anine Kilian     21st August 2017 Members of South Africa’s Special Economic Zones (SEZs) Advisory Board are participating in a week-long study tour in China to learn from the Chinese experience in the planning, development and management of SEZs.   The group will gain insight into the implementation and impact of the SEZ model... 

Sasol turns to courts after Sars slaps it with tax bills worth R12.8bn 

By: Terence Creamer     21st August 2017 JSE-listed energy and chemicals group Sasol will approach the Supreme Court of Appeal (SCA) to resolve a tax dispute with the South African Revenue Service (Sars), which has slapped it with assessments for outstanding tax liabilities and penalties worth R12.8-billion. The company made a... 

Sasol CFO Paul Victor on the group's tax dispute with the South African Revenue Service. Camera Work & Editing: Nicholas Boyd. Recorded: 21.8.2017

Infrastructure deficit shaves 40% off Africa’s competitiveness

By: Natasha Odendaal     21st August 2017 Africa’s multibillion-dollar infrastructure deficit is not only severely hampering seamless regional integration, industrialisation and efficiencies, but is also detrimental to the overarching competitiveness of the emerging continent. It is believed that Africa could be losing in excess of 40%... 

Infrastructure deficit shaves 40% off Africa’s competitiveness
Photo by Duane Daws
Trade and Industry Minister Dr Rob Davies

Balwin, Transcend partner to deliver 8 900 affordable rental apartments in Gauteng

By: Anine Kilian     21st August 2017 JSE-listed Balwin Properties and Transcend Residential Property Fund have entered into a strategic alliance to bring to market up to 8 900 quality, affordable rental apartments across five developments in key Gauteng nodes over the next six years.   Balwin will be responsible for the design and... 

Robotics surgery offers peace of mind to more men with prostate cancer

By: Kim Cloete     21st August 2017 As the field of robotics advances, South Africans are increasingly opting for robotics surgery for prostate cancer as an alternative to conventional procedures. Urological and robotics surgeon Dr Greg Boustead says medical schemes are beginning to appreciate the long-term, overall benefits of the... 

Robotics surgery offers peace of mind to more men with prostate cancer

Cell C appoints new chairperson, deputy chairperson

By: Anine Kilian     21st August 2017 Telecommunications giant Cell C has appointed Kuben Pillay and Larry Nestadt to its board. The appointments follow the recent recapitalisation of Cell C whereby telecommunication company’s Blue Label Telecoms and Net1 respectively acquired 45% and 15% of the company’s share capital.   “We are... 

Hyundai SA mulls heavy truck introduction, awaits 2019 small SUV

By: Irma Venter     21st August 2017 Hyundai Automotive South Africa (HASA) is testing the Xcient heavy-duty truck for possible introduction into the South African new-vehicle market. HASA CEO Niall Lynch says the truck, with a gross vehicle mass of 36.6 t, is undergoing road tests within Imperial Logistics. 

Hyundai SA mulls heavy truck introduction, awaits 2019 small SUV
The Xcient

Guptas sell ANN7 and The New Age to Mzwanele Manyi  

By: News24Wire      21st August 2017 A firm owned by Mzwanele Manyi has bought Gupta-owned media units ANN7 and The New Age, it was announced on Monday. Gupta-owned Oakbay Investments said in a statement that Manyi-owned Lodidox bought ANN7 (Infinity Media) for R300-million and The New Age (TNA Media) for R150-million. 

 Guptas sell ANN7 and The New Age to Mzwanele Manyi

Sasol FY earnings fall 15%

By: Reuters     21st August 2017 South African petro-chemicals group Sasol reported a 15% drop in full-year headline earnings on Monday, hit by a stronger rand, a provision for tax litigation and labour action. Headline earnings per share (HEPS), the main profit gauge in South Africa which strips out certain one-off items, fell... 

Sasol FY earnings fall 15%

Strong operating recovery as AngloGold sets new safety record

By: Martin Creamer     21st August 2017 Production of 1.748-million ounces after strong second-quarter recovery has put AngloGold Ashanti virtually at the halfway mark to meet full year guidance, CEO Srinivasan Venkatakrishnan said on Monday in presenting the company’s half-year results that also saw full-year cost guidance remain... 

Strong operating recovery as AngloGold sets new safety record
Photo by Duane Daws
AngloGold Ashanti CEO Srinivasan Venkatakrishnan

Zambia restores full power supply to First Quantum mines

By: Reuters     21st August 2017 Zambia has restored full electricity supply to the mines of First Quantum Minerals, the ministries of finance and energy said on Saturday, after reducing power to the mines earlier this week in a dispute over new, higher prices. Zambia's state power company reduced electricity supply to two First... 

WTO mixed ruling in Indonesia steel import duties case

By: Reuters     18th August 2017 Duties imposed by Indonesia on imports of certain flat-rolled iron or steel products do not constitute WTO safeguard measures, a World Trade Organization (WTO) panel said on Friday, rejecting the key argument of complaints brought by Taiwan and Vietnam. Safeguard duties are emergency tariffs that... 

Competition Commission sets sights on high data costs 

By: Natasha Odendaal     18th August 2017 The Competition Commission has initiated a market inquiry into data services following widespread calls by consumers for lower data costs and subsequent queries from at least three Ministers over high data costs and data affordability. With the gazetting of the terms of reference (ToR) of the... 

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